7 Key Pointers to Building Insurance Reinstatement Valuations & Cost Assessments
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- Category: Insurance
You’re bound to come across a ‘reinstatement valuation’ for the ‘declared value’ within the insurance policy for a property at some point.
Unfortunately, these are often ignored or glazed-over with catastrophic consequences of potential under insurance and payouts if incorrect.
Knowing what is a reinstatement valuation or rebuild cost assessment and its meaning is therefore critical.
And from a property management perspective, you often get caught in the middle of the issue.
Insurers and brokers may be coming out with information and requests on one side, and owners or occupiers forking the bill on the other.
Therefore, here are seven key pointers to not only understand what these cover but how to effectively apply then to whatever...
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This can be a real problem that people are not even aware of, or if they are, have no idea of how severe the consequences are when it goes wrong.
Properties need to be insured, just like any other 'asset' like your car or personal contents and furniture. If you're a home owner you'll be used to arranging your annual renewal of your building insurance, and for business properties and larger residential developments often through landlords, managing agents, and possibly tenants directly or indirectly by paying the premium.